Your tax and finance mentor

After hinting in May that there would be no mid-year change in standard mileage rates, this morning the IRS announced significant increases in both the business mileage rate and the medical or moving expense rate. (Announcement 2011-40)

Effective July 1, 2011, the business rate increases from 51 cents per mile to 55.5 cents. The medical or moving expense rate increases from 19 cents to 23.5 cents. The charitable rate remains at 14 cents.